China Extradites $14 Billion Crypto Scam Leader from Thailand
Chinese authorities have extradited Zhang, the alleged mastermind behind a massive cryptocurrency pyramid scheme, from Thailand. This marks the first extradition of an economic crime suspect under the China-Thailand Extradition Treaty, which has been in effect since 1999. Zhang, the founder of MBI Group, is accused of leading a scheme that attracted over 10 million members and involved funds exceeding 100 billion yuan (approximately $14 billion).
An Interpol Red Notice was issued against Zhang in 2020, leading to his arrest by Thai police on July 21, 2022. Following an appeal process, the Thai Court of Appeal approved his extradition on May 21, 2024. Zhang is now expected to face legal proceedings in China. The Chinese Ministry of Public Security announced the successful extradition and highlighted the cooperative efforts between Chinese and Thai authorities in this case.
